Date: early 1790s first off, who was alexander hamilton he was washington's secretary of treasury young, hot (just take a look at the $10 bill if you don't believe me), brilliant, and a radical conservative federalist, no one can disagree that he was an economic genius. Hamilton's economic policies in 1789, congress created the department of the treasury, including the cabinet post of secretary of the treasury, and required the secretary to report directly to congress president george washington appointed alexander hamilton as the first secretary of the treasury. In a talk titled, the hamilton scheme: enemies and allies in the creation of an american economy, historian and author william hogeland discussed alexander hamilton's financial ideas mr.
Hamilton on us $10 bill alexander hamilton's image on a us $10 bill united states department of thetreasury bureau of engraving and printing hamilton's third report, the report on a national bank , which he submitted on december 14, 1790, advocated a national bank called the bank of the united states and modeled after the bank of england. Hamilton's financial plan it was created by alexander hamilton to stabilized the american economy it consitsted of federal assumption of all debts, includign state and federal debts. Alexander hamilton's economic plan involved setting up a national bank, taxing individuals and the federal government assuming the entire national debt, including the debt of each individual state he also wanted the country to turn more toward manufacturing and industry than farming, which was the.
Hamilton's financial plan can be broken down to four parts the taxation, national bank, hamilton's reports, and the assumption plan all four were within his rights to do so one of the four parts of hamilton's economic plan was taxation. The second part of hamilton's plan was to assume the state debts incurred in the revolution this was much more controversial because some states, notably virginia, had paid off their. The hamiltonian economic program was the set of measures that were proposed by american founding father and 1st secretary of the treasury alexander hamilton in four notable reports and implemented by congress during george washington's first administration. Hamilton's vision of america's future challenged jefferson's ideal of a nation of farmers, tilling the fields, communing with nature, and maintaining personal freedom by virtue of land ownership alexander hamilton offered a remarkably modern economic vision based on investment, industry, and expanded commerce.
Alexander hamilton developed a financial plan to re establish the credit of the us by providing for the payment of the nation's debts hamilton established the credit of the united states by paying off the national debt. In this massive and detailed report which would determine the permanent financial foundation of the united states, hamilton began by humbly stating the overwhelming nature of the task he had tackled and the underlying principle of his plan: in the discharge of this duty, he has felt, in no small. During washington's first term as president, alexander hamilton, introduced a series of bills to create an american financial system the plan called for the federal government to assume the revolutionary war debts of the states. Transcript of hamilton's financial plan born in 1755, alexander hamilton was raised in poverty in the british west indies he was very knowledgeable and worked his way into king's college ( now columbia university.
Hamilton's plan for the new country's financial system had three major parts assuming the states' debts by issuing interest-bearing bonds was the first part of the plan hamilton also instituted tariffs for imported goods as a way of raising federal revenue and helping domestic businesses. Thomas jefferson supported the plan to build the young nation's capital along the potomac river alexander hamilton disagreed with the selected site hamilton finally agreed to the idea when jefferson pledged support for some of hamilton's financial reforms the 1790s brought extraordinary divisions. Hamilton's plan was a resounding success it can mostly be found in his report on public credit, which he toiled over for months upon becoming the first secretary of the treasury it is a.
It is alexander hamilton's plan for the us constitution that advocated eliminating state sovereignty and consolidating the states into a single nation. Brief overview alexander hamilton was most likely born on january 11, 1757, although the exact year of his birth is unknown hamilton was born on the caribbean island of nevis or st kitts to rachel fawcett and james hamilton, but he spent the majority of his youth on the island of st croix. Alexander hamilton, whose statue stands in front of the home he built in new york city, was the first us treasury secretary and developed a plan in 1790 to pay off the war debts of the new nation. The backbone of hamilton's financial plan was to establish a national bank and imposing a tax on foreign goods (a tariff) back then, several states (mostly northern) were in debt.
The compromise of 1790 was a compromise between alexander hamilton and thomas jefferson with james madison wherein hamilton won the decision for the national government to take over and pay the state debts, while jefferson and madison obtained the national capital (district of columbia) for the south. Hamilton's financial plan alexander hamilton is one of the few american figures featured on us currency who was never president he was killed in 1804 in a duel with aaron burr. Product description this lesson is designed to last for an hour of class time or longer students will be provided with background information about the financial plan created by alexander hamilton.
When hamilton took office as secretary of treasury, he created a financial plan that would create a national bank, pay off war debts, and put a tariff on exported goods that would hopefully. Start studying hamilton's financial plan learn vocabulary, terms, and more with flashcards, games, and other study tools. Alexander hamilton's plan for a federal debt repayment plan was controversial because of the way it pitted some states against other states and threatened the perceived sovereignty of the states relative to the federal government.